June's Evaluation of Packets of Nacho Chips in Terms of $MU

question 19

Essay

June's evaluation of packets of nacho chips in terms of $MU is as follows: 1^st packet: $4;2^nd packet: $3.50;3^rd packet: $2.90;4^th packet: $2.30;5^th packet: $1.60.If the price of nacho chips is $1.50,and June buys 5 packets,calculate her marginal consumer surplus for each packet and the total consumer surplus form all 5.

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Definitions:

Percentile

A measure used in statistics indicating the value below which a given percentage of observations in a group of observations falls.

Z-score

A statistical measure that describes a value's relationship to the mean of a group of values, expressed in terms of standard deviations from the mean.

Variability

A quantitative measure that describes the degree to which scores in a distribution are spread out or clustered together.

Standard Deviation

A measure of variability that represents the average amount by which individual scores in a distribution vary from the mean.